USCoC: US Corporate Income Tax Rate is World's Highest
[NOTE: Thanks for Kay Bell and "Don't Mess with Taxes" for including last week's "AmBushed by Taxes" post in Tax Carnival 103: June Tax Swoon]
U.S. Chamber of Commerce Executive Vice-President Bruce Josten announced that the United States has the world's highest corporate income tax rate as of April 1 because of U.S. Government inaction. Josten noted recent changes in Canadian and British tax structures and called for tax simplification, sychronizing individual and corporate rates and more appropriate tax rules for global income in addition to lower individual and corporate rates. Finally, Josten asserted that the present tax structure was harming job creation and international competitiveness.
Ordinarily, I would be more sympathetic to Mr. Josten's complaint--a high corporate tax rate does not sound very consistent with the free enterprise system which built the American economy. Given the devasting deficits and debt of recent years; however, any new tax break or spending program needs to show specifically how it will help create new jobs--and NOT just government jobs with little structural benefit to the overall U.S. economy.